IRONWOOD, MI - Tuesday, July 15, 2008 - Oil prices rose to over $145 a barrel yesterday for the third time this month. Light, sweet crude settled at $145.18 a barrel on the New York Mercantile Exchange. August oil is just over a dime short of the all-time settlement high. Earlier, the contract dipped as low as $142.49 and rose as high as $146.37.

Local gas prices reflect the increased cost of crude oil, climbing to over $4.30 per gallon at some area filling stations.